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  • Saudi Government ‘Rejects’ U.S. Senate Rulings on Saudi Arabia But Pledges to Continue Building Relationship
     

    The government of Saudi Arabia issued a statement condemning a recent U.S. Senate resolution blaming Crown Prince Mohammed bin Salman for the killing of journalist Jamal Khashoggi, and said the government rejects external interference in its affairs. The Senate measure, which passed in a rare bipartisan vote with unanimous approval on Thursday, was a sweeping condemnation of Crown […]

     
  • OPEC, Russia Will Cut 1.2 million Barrels of Oil Production a Day; Price Jumps
     

    OPEC and Russia have agreed to collectively throttle back oil production by 1.2 million barrels per day to dry up a global supply glut, according to energy reporters from the Wall Street Journal. OPEC nations would cut 800,000 barrels and the Russia-led group would handle the remainder, according to the WSJ. Oil prices on indices […]

     
  • Saudi Aramco CEO: ‘We Need a Major Acquisition For Us to Be In Different Markets Quickly’
     

    In an interview with Bloomberg, Saudi Aramco’s CEO Amin Nasser said the company is earmarking $500 billion to invest over the next 10 years, including $160 billion for natural gas developments and $100 billion for chemicals projects. The interview, given in Dhahran, Saudi Arabia, said the planned spending would come on top of the already planned purchase of a […]

     
  • King Salman Delivers Opening Speech at Shoura Council
     

    King Salman gave his annual speech at the opening of the third year of the Shoura Council’s seventh session on Monday and discussed a number of regional and local issues. The King urged the international community on Monday to halt Iran’s nuclear and ballistic missile programs, and reiterated the kingdom’s support for U.N. efforts to […]

     
  • Gulf Economies Recovering, but Oil Price Volatility Threatens to Weigh on Future Growth – IMF
     

    A recently released report by the IMF found that economic growth in Gulf states will recover in 2018 from a contraction last year, but that future growth remains vulnerable to volatility in crude oil prices. The global lender predicted that an overall energy price recovery from 2015-2016 lows would spur the economies of the six-nation Gulf […]

     
  • Saudi Non-Oil Activity Ticks Up in October
     

    Saudi Arabia’s non-oil economy ticked upward in October “thanks to higher employment and growth in new orders because of increased demand from overseas,” data from the latest purchasing managers’ index show. The headline Emirates NBD Purchasing Managers’ Index (PMI) rose slightly to 53.8 in October from 53.4 in September. A reading above 50 indicates that the non-oil […]

     
  • Crown Prince Mohammed bin Salman to Address FII – Watch Live
     

    Saudi Arabia’s crown prince Mohammed bin Salman is set to make a speech soon at the Future Investment Initiative in Riyadh, now in its second day. The prince will address attendees of the forum at the conclusion of today’s events. A live stream of the event is available on the FII’s website, http://www.futureinvestmentinitiative.com/. A panel event […]

     
  • Uber Competitor Careem secures $200 million in funds from Saudi and Japanese investors
     

    Careem, the Middle East-based ride-hailing company, said on Thursday it had secured $200 million in new funding from existing investors, including from Saudi Arabian billionaire Prince Alwaleed bin Talal’s Kingdom Holding, Saudi Arabia’s Al Tayyar Group and STV, and Japanese e-commerce company Rakuten. The $200 million was the first close of a funding round in which it expects […]

     
  • Trump Sends Pompeo to Saudi Arabia after Speaking with King Salman
     

    Saudi Arabia has extended its “appreciation” to the US administration among others for “refraining from jumping to conclusions” in the ongoing investigation in the Jamal Kashoggi case, which has garnered international attention in the last week. “To help clarify recently issued Saudi statement, the Kingdom of Saudi Arabia extends it appreciation to all, including the […]

     
  • Saudi Private Sector Growth Slows to Four Month Low
     

    Growth in Saudi Arabia’s non-oil private sector slowed to a four-month low in September, a monthly survey of companies showed on Wednesday. The seasonally adjusted Emirates NBD Saudi Arabia Purchasing Managers’ Index fell to 53.4 last month from 55.1 in August. A level above 50 indicates expansion, Reuters reports. Despite struggles in the private sector, Saudi […]

     

MUST-READS

  • Tawaref series: What you need to know about Saudi specialised licences

    After obtaining one of the 13 standard Licences (commercial, service, transport, etc), a business is legally registered in Saudi. However, they may be required to apply for additional Licences due to the nature of their business activities before they start operating. These additional permits are referred to as special Licences, as they are only needed under specific industry conditions. You can browse the many types of special Licences on the Saudi Business Centre website, where each Licence is classified by sector.

  • 2 firefighters die while battling huge blaze that ravages Jeddah International Market

    Two firefighters of the Civil Defense died while battling the huge blaze that devastated most parts of the Jeddah International Market, one of the oldest markets in the governorate. Members of the Civil Defense forces were able to extinguish the fire that broke out in the market, located close to Madinah Road in Al-Rawdah district, at around 6:00 on Sunday morning.

  • Saudi Arabia Claims Third Place in World Bodybuilding Championship

    The national bodybuilding team has made history by securing a remarkable third-place finish at the World Bodybuilding Championship. The competition, held in Kish Island, Iran, from September 23-28, saw participation from 65 nations. Saudi athletes showcased their dominance by clinching 27 medals, including seven gold, six silver, and 14 bronze. The gold medalists were Yousef Al-Naimi, Ahmed Al-Tasan, Mubarak Al-Zanan, Khaled Khan, Talal Househ, Hussein Al-Hammadi, and Ahmed Maghrabi.

  • Saudi FDI Struggles Cast Shadow Over Crown Prince’s Plans

    Inflows amounted to $9.7 billion in the first six months of 2024, according to data released Monday by the Saudi General Authority for Statistics. That’s just a touch higher than the prior year, when Saudi Arabia had its worst first-half haul since 2020. Still, FDI picked up 14.5% in the second quarter from the first, to $5.2 billion.

  • Saudi: Fourth Milling’s IPO registers $27.25bln order book; final offer price unveiled

    Fourth Milling Company has completed the institutional bookbuilding process, setting the final offer price for its initial public offering (IPO) on the Saudi Exchange (Tadawul) at SAR 5.30 per share. The IPO implied a market cap of SAR 2.86 billion ($763.20 million) at listing after the price range was set between SAR 5 and SAR 5.30. The institutional bookbuilding process generated an order book of around SAR 102.20 billion ($27.26 billion) and was 119 oversubscribed. Meanwhile, the total offering size hit SAR 858.6 million ($228.96 million)

  • Robot Dogs, UGVs and Apaches Downing Drones with Hellfires at the US-Saudi Counter-UAS Exercise

    This year’s iteration of the Red Sands exercise between the U.S. and KSA (Kingdom of Saudi Arabia), in the CENTCOM (Central Command) area of responsibility, saw the participation of robot dogs, AH-64 Apache helicopters firing Hellfire missiles to shoot down drones, UGV (Unmanned Ground Vehicles) and a quadcopter for tactical resupply. The exercise, which focuses on counter-UAS (Unmanned Aerial Systems) defense, was held earlier this month and also saw the participation of the U.S. Army’s DEVCOM-AC (Development Command-Armaments Center), which arranged the presence of some new advanced systems.

  • Intersec Saudi Arabia: A safer tomorrow for Saudi Arabia

    The sixth edition of Intersec Saudi Arabia will be held in association with the High Commission of Industrial Security and Saudi Civil Defence. Organised by 1st Arabia under the license of Messe Frankfurt, the event has seen substantial growth year-on-year, with the 2024 edition set to cover 25,000 square metres of exhibition space – a 50% overall increase from the previous year. This expansion is a direct response to the overwhelming demand from exhibitors and the anticipated 14% increase in visitors, with over 17,000 industry professionals expected to attend.

  • Commentary: The War That Would Not End

    The administration faced an impossible situation, and for nearly a year, it has somehow managed to forestall a regional expansion of the war. But it has yet to find a way to release the hostages, bring the fighting to a halt, or put a broader peace process back on track. That makes this history an anatomy of a failure—the story of an overextended superpower and its aging president, unable to exert themselves decisively in a moment of crisis.

  • Aster’s Gulf Unit Eyes $250 Million Health-Care Deals for Saudi Expansion

    Aster DM Healthcare Ltd.’s newly-hived off Gulf entity is considering acquiring assets worth as much as $250 million in a bid to expand its footprint in Saudi Arabia. The deals are likely to be for medical centers and hospitals and completed in the next three to five years, said Alisha Moopen, managing director and group chief executive officer of Aster’s Gulf Cooperation Council unit.

  • Who were the 7 high-ranking Hezbollah officials killed over the past week?

    Lebanon’s most powerful military and political force now finds itself trying to recuperate from severe blows, having lost key members who have been part of Hezbollah since its establishment in the early 1980s. Chief among them was Nasrallah, who was killed in a series of airstrikes that leveled several buildings in southern Beirut. Others were lesser-known in the outside world, but still key to Hezbollah’s operations.